Despite the fact that the Bitcoin network was originally conceived as a tool for the anonymous transfer of funds, over time it has become very difficult to acquire crypto coins without leaving your data on the Web, significantly reducing the attractiveness of using cryptocurrency payments.
When Bitcoin hit the scene about a decade ago, governments didn’t care about digital currency at all. Now most countries are working on laws regulating the cryptocurrencies, and some countries have banned them completely. Buying Bitcoins anonymously is a good start to keeping your crypto privacy, but there are other things to consider. The internet is wide open to hackers and government agents, so if you want your crypto savings to be as anonymous as possible, read on.
In the early days of Bitcoin, there were no Know Your Customer (KYC) rules. Crypto exchange services enjoyed absolute freedom, they could deal with whoever they wanted, and the users of cryptocurrencies did not have to worry about much. Many things have changed a lot over the past few years. Fortunately, there are still ways to buy Bitcoin without verification.
Bitcoin ATM is a great place to start because they can be found in most major cities and all you need to buy crypto coins is a credit or debit bank card. The big plus of using these machines is that there is generally no control over their work, and on the other hand, it is not difficult to get a prepaid debit card (without identification), which will lead anyone who studies the “paper” trail to a complete dead end. Some BTC ATMs involve more complex processes when purchasing, so they may require some form of identification, such as scanning your palm print. But many of these ATMs do not require anything like this.
If you work with cash, but you want to buy cryptocurrency on the Web, you can exchange your cash at the bank for a prepaid debit card (which does not require verification, and, accordingly, the buyer’s personal data is not requested at all). You will then be able to use your new disposable card to buy Bitcoins through peer-to-peer exchanges such as LocalBitcoin and others that do not require identification.
It’s also worth thinking creatively, especially if you live in a capital or a major metropolis. Perhaps you could exchange gift cards for cryptocurrency as there are many valuable items that can be bought with both cash and gift cards that can be used to pay for these valuable items. However, this method presupposes the need for a personal meeting of counterparties. If you can find someone sitting on a heap of BTC and desiring something that can be bought with cash, you can get a deal. As long as they exchange their BTC for something physical that you own, the entire transaction will be completely anonymous.
The ideal way to get BTC without a trace is to buy it directly from a miner. Bitcoin miners are forced to sell some of their tokens from time to time, and newly mined Bitcoins sometimes bring a huge bonus. If you can find a miner looking to monetize some of their recent Bitcoins (or any cryptocurrency for that matter), you can exchange cash or other valuables for them. There will be no paper trail, and the purchased tokens will have no transaction history.
One thing is for sure: at the moment the original Bitcoin is attracting at times more attention and investment compared to all its forks. Difference between Bitcoin and Bitcoin Cash is substantial in terms of the market capitalization of each coin. The market capitalization of Bitcoin Cash is just over $ 81 billion, which is 10 times less than Bitcoin. After all, BTC and BCH can coexist and be used for different purposes: BTC as digital gold (store of value) and BCH as PayPal 2.0 (means of exchange).
Nevertheless, Bitcoin, apparently, will maintain its dominant position for a long time to come and will be able to solve the problem of scaling in the future.